With new crop soybean export sales as of August 7 at 5.5 million tons or double those of the same date last year, and new crop meal sales at nearly 1.0 million tons, compared with less than 0.1 million tons a earlier, FY-98 U.S. soybean and meal exports are forecast at record large volumes. Key factors driving the expansion in U.S. exports include: (1) Record large U.S. soybean supplies, up 8 million tons from a year earlier; (2) Accelerating expansion in foreign meal usage; (3) More competitive prices for soybeans and meal; (4) Reduced oilseed production in China which will boost oilseed and product imports; (5) Reduced oilseed production in India which is expected to boost vegetable oil imports; (6) A 2.1 million ton estimated reduction in combined South American soybean stocks on Oct. 1, 1997 from a year earlier will benefit U.S. exports during Oct-Feb. 1997/98; (7) Declining meal prices will chisel the soybean meal/corn price ratio to lower levels and boost meal feeding rates; and (8) Reduced exportable supplies of vegetable oil from Southeast Asia (Malaysia, Indonesia and the Philippines).